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completed-contract method

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completed-contract method
A method of recognizing revenues and costs from a long-term project in which profit is recorded only when the project has been completed. Even if payments are received while the project is in progress, no revenues are recorded until its completion. The completed-contract method is a conservative way of accounting for long-term undertakings and is used for certain types of construction projects. Compare percentage-of-completion method.


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Does the supplier do enough business to qualify for the completed-contract method of accounting for tax purposes?
Nail a construction niche: take a closer look at the structure of the ... by Phelan, Sarah / Journal of Accountancy
For example, in some countries the completed-contract method is used for accounting for a long-term contract, while U.
WHAT Foreign Filers Need to KNOW by Arnold, Jerry / Financial Executive
17) Since enactment in the Tax Reform Act of 1986, section 460 has been repeatedly amended to reduce and ultimately eliminate the deferral benefit of the completed-contract method of accounting for long-term contracts.
Comments on proposed interest capitalization regulations: December ... by Tax Executive
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